CONMED Co. (NASDAQ:CNMD) announced a quarterly dividend on Friday, August 2nd, RTT News reports. Shareholders of record on Friday, September 13th will be given a dividend of 0.20 per share by the medical technology company on Monday, October 7th. This represents a $0.80 dividend on an annualized basis and a yield of 0.88%.
CONMED has a dividend payout ratio of 36.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect CONMED to earn $2.94 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 27.2%.
Shares of CNMD stock traded down $2.70 during mid-day trading on Friday, hitting $91.08. 88,090 shares of the stock were exchanged, compared to its average volume of 159,138. The company has a quick ratio of 1.45, a current ratio of 2.58 and a debt-to-equity ratio of 1.16. CONMED has a 12-month low of $56.90 and a 12-month high of $93.88. The firm’s fifty day moving average price is $85.96. The company has a market capitalization of $2.47 billion, a PE ratio of 41.78, a price-to-earnings-growth ratio of 2.63 and a beta of 0.62.
Several research analysts recently issued reports on CNMD shares. BidaskClub downgraded CONMED from a “buy” rating to a “hold” rating in a research report on Friday, June 21st. Zacks Investment Research upgraded CONMED from a “hold” rating to a “buy” rating and set a $93.00 price objective for the company in a research report on Monday, April 15th. Barclays lifted their price objective on CONMED from $96.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday. Stifel Nicolaus boosted their price target on CONMED from $97.00 to $99.00 and gave the company a “buy” rating in a report on Thursday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $94.00 price target (up from $87.00) on shares of CONMED in a report on Tuesday, April 16th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. CONMED currently has an average rating of “Buy” and an average price target of $94.40.
In other CONMED news, Director Dirk Kuyper sold 8,970 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $83.00, for a total value of $744,510.00. Following the completion of the sale, the director now owns 5,000 shares in the company, valued at approximately $415,000. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Terence M. Berge sold 7,161 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $83.03, for a total transaction of $594,577.83. Following the completion of the sale, the vice president now owns 23,851 shares of the company’s stock, valued at approximately $1,980,348.53. The disclosure for this sale can be found here. Insiders sold 16,396 shares of company stock valued at $1,361,266 over the last quarter. Insiders own 4.38% of the company’s stock.
CONMED Company Profile
CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures worldwide. The company offers orthopedic surgery products, including sports medicine products comprising powered resection instruments, arthroscopes, reconstructive systems, tissue repair sets, and metal and bioabsorbable implants, as well as related disposable products and fluid management systems; powered surgical instruments for use in bone orthopedic, arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological, spinal, and cardiothoracic surgeries; sports biologics and tissue products; and surgical visualization products.
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